Following the Central Bank of Nigeria’s (CBN) dissolution of the Board and Management of Union Bank, Keystone Bank and Polaris Bank on Wednesday, January 10, over alleged corporate governance abuses and non-compliance with regulatory requirements, the CBN has appointed new executives to oversee the affairs of the three banks;
For Union Bank the CBN appointed Yetunde Oni Managing Director/Chief Executive Officer and Mannir Ubali Ringim as the Executive Director.
For Keystone Bank, Hassan Imam is the new Managing Director/ Chief Executive Officer whilst Chioma A. Mang is the Executive Director.
For Polaris Bank, Lawal Mudathir Omokayode Akintola has been appointed the Managing Director/ Chief Executive Officer and Chris Onyeka Ofikulu is now the Executive Director
Recall about three weeks ago, the Special Investigator on the CBN and Related Entities, Jim Obazee, submitted its final report to President Bola Tinubu and concluded, the previous regulatory interventions in the banks had some lacuna. They recommended interventions in those banks.
Announcing the sacking of the boards of the banks on Wednesday, the CBN said the affected banks allegedly committed varied regulatory infractions, corporate governance failures, disregarded conditions under which their licenses were granted, and were involved in activities that posed a threat to financial stability, among others.
CBN Assures Depositors of The Safety of Their Funds
The CBN assured depositors not to panic as their deposits were safe in the impacted banks and other banks.
“For the avoidance of doubt, Nigerian banks remain safe and sound. The CBN encourages the public to continue their regular activities without being alarmed by reports that have not emanated from the CBN about the health status of Nigerian banks” the acting Director, Corporate Communications, CBN, Sidi Hakama said in a statement.
The CBN she said is “fully equipped to carry out its statutory duty of upholding a stable financial system in Nigeria. We assure the general public and depositors about the safety of their funds in Nigerian financial institutions.”
“Bank customers are therefore advised to proceed with their banking transactions as usual, as there is no cause for concern” the statement concluded.